How long are mortgage offers taking under new regulations?

[starfish4]

Can anyone give me an idea how long mortgage offers are taking under the new regulations? Person at bottom of the chain is waiting for his. Whole chain were ready to exchange at early May and then we found out someone hadn't applied for their mortgage, when they did they were refused. They've applied elsewhere so getting anxious as to whether we can complete soon.

We got an agreement in principle after a 1 hour meeting with mortgage advisor - she got it the next morning for us. But I did a lot of work to prepare sorting out paperwork, statements, proof of identity, proof of deposit and income, calculating how much we spend on different categories of things, etc.

If they've started the application without this it could be what's taking so long.

It might just be the queue to get the underwriters to have a look at the application. We got an agreement in principle a couple of hours after we submitted the initial application but then the final approval took 3-4 weeks because of the queue for the underwriters.

We are with Santander. It took two weeks to get an appointment with them. They have said the whole process is now taking 4-6weeks.

Ours took 4 weeks. They had a backlog of work so a bit of a delay. We are with santander.

2.5 weeks nationwide

About 3 weeks from full application, we had a mortgage in principle but they didn't give us as much as they said they would! This was Halifax, we just got approved yesterday ??

We had a mortgage in principle, it was an amount we could easily afford. Got to the application stage and we were turned down! Luckily we have the extra money to put towards the deposit but it means we can't spend as much to do the house up as we have had to use 10k of money that was earmarked for extension/doing up the house.

It has been back and forwards a few times but they said we should have the actual offer this week. Probably about 3 weeks since we applied for the mortgage. That is with Nationwide and they told us they couldn't give appointment until June (about 3 weeks at away at the time, I did it within the next few days when someone phoned me to do it), then they said the underwriters were taking about 3 weeks, we had been turned down in less than a week. Then it went back and it was less than a week again. This was all with us sending in documents in between as well.

If we weren't previous customers and getting a good rate, I would have told Nationwide to stuff themselves. Their affordability is an absolute joke tbh!! If we move again and have to apply for a mortgage, I won't be going with them.

Thanks for your replies. Buyer is with Halifax who I understand have taken on 100 new writes to assist Fingers crossed we will hear next week.

Stainless, how long did it take for them to get the valuation done? We are waiting for this ATM. Santander said it would take 5 days from us signing the initial paperwork, but it has been 11days already.

Our Santander valuation was really fast - 5 days from saying that they were instructing them to saying that the offer was in the post.

Hmmm starting to worry there may be a problem with the underwriters. I really hope they don't refuse our application. Will try and get hold of them for an update.

They don't request a valuation until you have been approved by the underwriters at Santander so try not to worry

Thanks Theres, tough time for our buyers ATM. They have been waiting since Febuary to move in. Our last attempted purchase fell through as the seller changed their mind about selling.

Our buyers are now texting for an update everyday and it's awful not being able to give them any 'new' news. So lucky they have stuck with us so far.